The increase contained in a circular by the Minister of Finance, Mrs. Kemi Adeosun to the Nigeria Customs Service.
Also affected are some food items that have local alternatives such as rice, salt and sugarcane, alcoholic spirit, beverages.
Import duty for sugar cane and salt will go from 10 per cent to 70 per cent; alcoholic spirit, beverages and tobacco from 20 per cent to 60 per cent; and rice from 10 per cent to 60 per cent.
Also included on the list are packaged cement, from 10 per
cent to 50 per cent; cotton/ fabrics materials, from 35 per cent to 45
per cent; and used cars popular known as Tokunbo, from 10 per cent to 35
per cent respectively.
Medicaments such as anti-malarials and antibiotics; crude palm oil; wheat flour; tomatoes paste; and cassava products are also affected in the upward review of duties. But essential industrial sector accessories, including bolt, industrial oil and other equipment are to enjoy a downward review to spur local industrialisation.
According to the Finance Minister, President Buhari has already approved the new tariff regime.The circular reads in part:
Source: The Guardian
Medicaments such as anti-malarials and antibiotics; crude palm oil; wheat flour; tomatoes paste; and cassava products are also affected in the upward review of duties. But essential industrial sector accessories, including bolt, industrial oil and other equipment are to enjoy a downward review to spur local industrialisation.
According to the Finance Minister, President Buhari has already approved the new tariff regime.The circular reads in part:
"This is to confirm that Mr. President has approved the 2016 fiscal policy measures made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019 with effect from 17th October, 2016."Consequently, all transactions prior to the effective date of this circular shall be subjected to the tariff rates applicable before the coming into effect of this 2016 fiscal policy measures."It added that the approved SPM was in line with the provision of the ECOWAS CET comprising the following:
“An Import Adjustment Tax (IAT) list with additional taxes on 173 tariff lines of the extant ECOWAS CET; national list consisting of items with reduced import duty rates to promote and encourage development in critical sectors of the economy; an import prohibition list (Trade), applicable only to certain goods originating from non-ECOWAS member states."Adeosun declared that the current fiscal policy measures superseded those of 2015, and advised the customs and other stakeholders to ensure strict compliance.
Unna try o.....
ReplyDeleteNa now them talk better talk
DeleteI dnt just get this country seriously. What alternatives have the federal government provided to impose all these nonsense. What kind of economic advisers do Mr president have? Tufia!
DeleteLong Live LIB
In Reno's voice,when u appoint a poly graduate as finance minister,this is what you get
DeleteHow will this increase help better nigeria? Imagine antimalarial drugs again
Lib addict#just passing#
These people are just gonna make life harder for people, you dont even produce ordinary toothpick yet u dey increase import duties , honestly am so sure that buhari wont win second term if he decides to run again.
ReplyDeleteWho is you don't even produce toothpick, Nigerians should see this as an avenue to start Producing products which will create jobs... Everyone waits for govt to do everything....
DeleteNawa o,God they.
ReplyDeleteGood measures but coming very late. These will spur manufacturing after another 1yr. By 2018, we will be ready to vote in someone else
ReplyDeleteSPUR WHAT?...YOU HIDE UNDER ANONYMOUS TO SPEAK SPUR GRAMMAR. PEOPLE WHO ARE PRODUCTIVE DON'T NEED INCREASED IMPORT DUTY TO CREATE... THE FIRST THING TO SPUR IS THE CREATIVE SPIRIT IN NIGERIANS...LET STUDENTS GO TO SCHOOL NOT JUST FOR A CERTIFICATE BUT FOR REAL KNOWLEDGE.
DeleteThis Government will cripple the Nigerian economy. It would have been a good policy if Nigerian goods commonly produced were not substandard. This will only increase the inflation rate which is way higher than the 18% FG claims it to be. A lot of people do not have confidence in some Nigerian products because of its low quality such as: alcoholic drinks, Nigerian SUVs(Innoson) and even rice. Because of our uncontrolled market supply chain with no price control regulation, wholesalers would still keep importing no matter the increment in import duties. Now local rice sellers even package local rice in foreign package bags claiming it's imported. I won't be surprised if more situations like these continue to happen. Well, guess this is what happens when they don't do intensive research and analysis before passing laws instead they just keep experimenting with the economy.
ReplyDeleteWhich kind wahala be this, this is wickedness.
ReplyDeleteWickedness? Do you import yachts or SUV's? The ignorance here ehn? Do you know how many companies in Nigeria that manufacturers things like antibiotics & the likes? We need to be jumpstarted.
DeleteAtleast lets start from somewhere. We won't move forward if we keep complaining. We swallow the bitter pill now to enjoy later.
ReplyDeleteWhich kind wahala be this, this is wickedness.
ReplyDeleteNONSENSE PEOPLE
ReplyDeleteAUNTY LINDA 👩
PLEASE KINDLY FOLLOW ME ON LIS @OKECHUKWU NNODUECHI
Buhari is a total failure. How can he put duty on drugs eg: Antimalaria that used to be 0%. How many manufacturing company can sustain 180m people. Shame on all his Economy Team and Buhari
ReplyDeleteNow I know People are really like really going to suffer. Increasing import duties on luxury goods will not solve the Countries problem, rather it will just stop the poor and hard working from laying their hands on luxury goods and at the same time an easy way for the ports Authority and Customs to extort monies that will end up in some fat cats pocket. We all know that the corrupt APC politicians will still drink Champagne , Drive SUV's and eat "Imported Foods" will stolen money . You can't run a Country into the Ground in the name of restructuring when you don't have any plans or inclination on how to restructure .
ReplyDeleteGreat! Why did they not do this since. A good step towards encouraging local manufacturing and agriculture. This will also help create jobs. Please whoever is advising the minister and the president, lets see more of this.
ReplyDeleteFG's plan is to finally kill Nigerians
ReplyDeleteFG's plan is to finally kill Nigerians
ReplyDeleteThis is a welcome move which I have been asking for in the last 1 year. For those who don't understand increasing import duty would make foreign goods expensive while locally produced goods would be cheaper. With the increase demand for local goods we can produce more and create jobs while building our production base.
ReplyDeleteOnce production has picked up next stage would be ensuring international quality standard and to do that the import duties would be relaxed to create foreign competition which would force local producers to improve quality.
This is how the industrial countries developed their production base so fellow citizens let's support the government and for my IPOB brothers this is an opportunity for the industrious people of Biafra to move from trading to manufacturing so sheath your sword and join hands in building this country.
Cart before the horse ai?!
DeleteWhy can't we learn from the already developed nations and skip certain parts?!
Nigerians who do not support this policy should have their brains examined. Which country that wants to make progress is importing salt, palm oil, sugar etc. Kudos to PMB....enough of this reckless importation. Time for us to start producing and using our head instead of being lazy and stupid. Suffer now, enjoy later.
ReplyDeleteU are as dumb as ur smile. You think you can just wake up a morning and adopt a policy withouy proper analysis. If I may ask you, what is luxury good?
DeleteOga check ur own brain first where do u have manufacturing industry in Nigeria this can only help if our people manufacturs things in Nigeria but %90 percent of things that are been used are all imported from other countries
DeleteAnd you think the federal government of Nigeria did not do proper analysis? You guys won't kill me with ignorance here.
DeleteWhat do you call luxury goods? Is malaria drugs, salt etched luxuries? You need a brain reset.
DeleteSilly and empty argument. Do these guys live in PLUTO? Raising duties will not enhance local production but promote smuggling! Even big supermarkets are selling contrabands. Why not find alternative means to promote local production, like waiving taxes for local manufacturers? Go find out about UAE and how they became a global giant. It was not by raising taxes but by reducing them. Even TRUMP won on the back of a campaign to massively lower taxes. Why is Niogeria living 100 years behind time?
ReplyDeleteThis would have been a good idea if our goods aren't sub-standard. is it NafDac that will ensure this?
ReplyDeletei have little to no faith in them. i will never buy Nigerian made drugs. i'll rather just face my maker if i'm being honest.
Our work ethic and integrity is zero. just pay a little bribe and your locally made goods have been said to be up to standard, which will probably not be the case.
Pls the FG should create an enabling environment before imposing these policies.
ReplyDeleteDangote and Co at work, see what Forbes have caused. We already know Dangote is gonna be president one day
ReplyDeleteBuhari and his team are plain clueless. They are raising duties on SUV imports, are they themselves driving Innoson? What's the President's official car?
ReplyDeleteEagerly waiting for freeborn comment ooooooooooo
ReplyDeletebuhari should just die already, this old cargo has nothing to offer. I wonder if him and those advice him eat through their nose. Mr buhari kindly resign stop this your trial and error government
ReplyDeleteMr president you want to kill Nigerians, but this death that you're planning will start from you and your household.God will expose and put you to shame. As you are increasing this things hope you and your house hold are leading by example by using and consuming made in Nigeria goods. foolish president
ReplyDelete90 year old man with nothing to offer.mtcheww
ReplyDeletehmm
ReplyDelete-D great anonymous now as Vivian Reginalds
Even Tokumbo cars for the poor, which one is local substitute? And how much? Nonsense
ReplyDeleteI don't see Aboki warri commenting on this topic cos he is blinded by the so called government of change..
ReplyDeleteThis Buhari s government is a total calamity. Please can anybody here define luxury goods for this stupid government. And besides what type/makebrand of cars do they drive both Mr president and his gang. This administration should just end right now God please this suffering is too much Oh God please help us!
ReplyDelete